Emmet Stagg
Ceist:48 Mr. Stagg asked the Minister for Public Enterprise if she favours the privatisation of Bord Gáis; and if she will make a statement on the matter. [4406/02]
Written Answers. - Semi-State Bodies.
As I have stated previously, I do not have a preconceived position on the ownership of State companies. I believe that each one should be looked at on a case-by-case basis bearing in mind the interest of the company and all its stakeholders and the development of the sector in which it operates. In the case of Bord Gáis plc, legislation is a pre-requisite to any move towards privatisation and such legislation is not now possible in the current Dáil.
Donal Carey
Ceist:49 Mr. D. Carey asked the Minister for Public Enterprise if her attention has been drawn to a plan by Bord Gáis Éireann to launch a ?1 billion plan to finance projects; and if she will make a statement on the matter. [4423/02]
BGE is currently embarking on a major expansion of its infrastructure in several large projects. The total spend is €1.4 billion approximately, and the bulk of this focuses on the company's core activity by extending the transmission and distribution networks of the Irish natural gas grid. The pipeline to the west and the second interconnector, both of which are due to commence construction this month, have a combined cost in the region of €700 million.
As most Deputies are aware, I am currently progressing legislation to increase the borrowing powers of the company. This is to allow the board the financial flexibility it requires to manage this significant capital expenditure programme in the short-term and take advantage of the most beneficial funding arrangements. I am aware that the company is working on a proposal for a long-term bond, but on a lesser scale than the €1 billion reported in the media. BGE is finalising its funding plans and I expect to receive details in the near future.